Market Trends of Neurovascular Devices Industry
This section covers the major market trends shaping the Neurovascular Devices Market according to our research experts:
Ischemic Strokes is Expected to Hold Significant Market Share in the Target Disease Segment
Ischemic stroke is a heterogeneous, multifactorial disease characterized by the sudden onset of neurologic signs directly related to the places of injury in the brain where the morbid process occurs. The evaluation of multifaceted neurologic disorders, including stroke, in which a large number of genetic and epigenetic factors interact with even the environmental risk factors to increase the risk, has been revolutionized by the GWAS (genome-wide association studies) approach. Currently, magnetic resonance imaging (MRI) and computer tomography (CT) techniques are considered the gold standard for ischemic stroke detection.
According to the World Stroke Organization's 2022 report, approximately 7.6 million new ischaemic strokes occur each year.In the current year, an estimated 62% of all incident strokes worldwide are ischaemic strokes.As a result of the high incidence and prevalence of ischaemic stroke worldwide, the segment is expected to grow significantly during the forecast period, contributing to market growth.
Furthermore, the research conducted by various institutions to develop a neurovascular device used in the treatment and diagnosis of ischemic stroke is expected to propel market growth. For instance, in September 2022, researchers at the Indian Institute of Technology, Mandi, in collaboration with PGIMER Chandigarh, developed a portable and cost-effective device to detect and diagnose stroke caused by impaired blood flow to the brain. The low-cost diagnostic method can be employed in rural, underdeveloped, and isolated areas for early detection and will aid in precisely detecting ischemic stroke. The high burden of research developments is estimated to propel segment growth during the forecast period.
North America is Expected to Hold a Significant Share in the Neurovascular Devices Market Over The Forecast Period
North America is expected to have a big share of the market because there are a lot of neurovascular diseases there, the healthcare system is better, people know what technologies are out there, and there are a lot of industry players there.
According to CDC facts updated in 2022, every year more than 795,000 people in the United States have a stroke. About 610,000 of these are first or new strokes. In the United States, there is estimated to be at least one stroke every 40 seconds, and every four minutes, someone dies of a stroke. The same source also mentioned that approximately 87% of all strokes are ischemic strokes, in which blood flow to the brain gets blocked. Thus, the high prevalence of strokes in the region is estimated to propel the market for neurovascular devices during the forecast period.
Additionally, the advancements in technology and rising research and development activities leading to product launches and approvals, along with partnerships and acquisitions by key players, are helping in the market's growth. For instance, in July 2022, Rapid Medical, a developer of advanced neurovascular devices, received FDA 510(k) approval for TIGERTRIEVER for large vessel occlusions at the 2022 Society of NeuroInterventional Surgery (SNIS) annual meeting in Toronto. The device is one of the smallest revascularization devices and is designed to remove thrombi from delicate brain blood vessels during an ischemic stroke. These developments are expected to drive market growth in the region during the forecast period because they provide a less traumatic approach than existing devices.
